Debt Advice Needed
Posted: Thu Jun 29, 2006 12:05 am
Credit score is 680.
Never been late on a bill.
I make $6,500 a month (gross) proven by 12 months bank statements.
I own my car outright.
I, unfortunately, do not own a home.
I decided to start my own business a year and a half ago and now am sitting with a $68,000 in various debt that I am looking to consolidate, most of it business related. Basically, I can only afford to just make my monthly minimum payments now, and I need to consolidate it and stretch it out to a 60 month loan in order to create some cash flow.
Here's the pickle:
*I have a good enough credit to get that kind of loan IF I owned a house, but I don't, so no dice there.
*Lenders will only loan up to $25,000 on an unsecured basis, and most balk at that amount based on the debt I am carrying already. I told them I have no problem closing these revolving accounts as a conditional loan approval, but have had zero success with anybody biting on that.
*I tried to apply for a business loan (I am incorporated) but I only have personal credit, no business credit profile, so I am only getting lines of credit up to $7,500.
If banks use a 50% monthly debt-to-income model as a primary underwriting guideline, I should have no problem getting a term loan that leaves me with a monthly payment of roughly $1,200 leaving me at 33% debt to income after rent...but unfortunately, I can't get anybody to help me out.
There has GOT to be somebody out there who can help. Any suggestions on who it might be? I am at the point where I am about to say fuck it and settle my accounts, I mean if having good credit can't get me help now, then what's the big fucking deal in having it?
And if you have advice and would like to pm me instead of posting it here, feel free.
Thanks.
Never been late on a bill.
I make $6,500 a month (gross) proven by 12 months bank statements.
I own my car outright.
I, unfortunately, do not own a home.
I decided to start my own business a year and a half ago and now am sitting with a $68,000 in various debt that I am looking to consolidate, most of it business related. Basically, I can only afford to just make my monthly minimum payments now, and I need to consolidate it and stretch it out to a 60 month loan in order to create some cash flow.
Here's the pickle:
*I have a good enough credit to get that kind of loan IF I owned a house, but I don't, so no dice there.
*Lenders will only loan up to $25,000 on an unsecured basis, and most balk at that amount based on the debt I am carrying already. I told them I have no problem closing these revolving accounts as a conditional loan approval, but have had zero success with anybody biting on that.
*I tried to apply for a business loan (I am incorporated) but I only have personal credit, no business credit profile, so I am only getting lines of credit up to $7,500.
If banks use a 50% monthly debt-to-income model as a primary underwriting guideline, I should have no problem getting a term loan that leaves me with a monthly payment of roughly $1,200 leaving me at 33% debt to income after rent...but unfortunately, I can't get anybody to help me out.
There has GOT to be somebody out there who can help. Any suggestions on who it might be? I am at the point where I am about to say fuck it and settle my accounts, I mean if having good credit can't get me help now, then what's the big fucking deal in having it?
And if you have advice and would like to pm me instead of posting it here, feel free.
Thanks.
